In the last minute effort to beat February 28, 2007 deadline for insurance companies to recapitalize, Nigeria Reinsurance Corporation acquired Globe Reinsurance Company.
At the takeover ceremony held in Abuja recently were Remi Ajomade, the founding managing director of Globe Re, Fola Daniel, managing director and Jimoh Ibrahim, chairman of Nigeria Re. According to Ibrahim the corporation’s coalescing with Globe Re would afford the new entity the opportunity to develop additional capacity for reinsurance business in the country and expand its business frontier to other markets in Africa and other parts of the world.
“The development is good for the insurance industry as the two companies will now bring together their individual competences, portfolios and expertise to bear in the industry”, he said.
The Nigeria Re Chairman discloses that the corporation would soon reposition itself to open up offices in all African countries in order to carry out business of reinsurance which he says is largely an international business meant to give backing to the activities of the normal insurance companies that underwrite various classes of business for individual and corporate organizations.
Commenting on the new entity, Joe Ameh, managing director of Nigeria Re, reiterated the corporation’s commitment to sustaining its position as a leading knowledge-based financial service provider in the insurance industry.
